Swiss banks target wealthy expats in UAE | The National

Swiss banks target wealthy expats in UAE | The National:



"Swiss private banks are targeting the UAE’s affluent expat population as their business in the western world becomes crimped by authorities chasing tax dodgers and faltering growth.



It marks a turnaround for these private banks who were quick to exit in the aftermath of the financial crisis following years of building a presence here.



Now that Dubai’s economy is bouncing back, many Swiss private banks are keen to return and tout the virtues of their banking industry.



That’s even more urgent for these banks now as the UAE has also become a safe haven for wealthy investors in other emerging markets, such as Russia and China, roiled by political instability or experiencing economic turbulence. Private wealth in the Middle East grew 9.1 per cent to US$4.8 trillion in 2012 after growing 3.7 per cent in 2011, according to Boston Consulting Group."



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